Swan Bitcoin Hit With Nearly $1 Billion Lawsuit Over Prime Trust Collapse
The lawsuit alleges that the Bitcoin-centric financial services firm took advantage of insider information to escape major losses.
Bitcoin rebounds above $76,800 after Trump halts an imminent Iran strike at the request of Saudi, Qatari, and UAE leaders.
Bitcoin price breaking below $78,000 turned one of crypto’s strongest regulatory weeks into a severe test of market structure, exposing how quickly macroeconomic pressure and crowded positioning can overpower a favorable policy catalyst.
May 18, 2026, 8:05 pmBitcoin Depot has gone from being North America’s largest Bitcoin ATM operator to filing for bankruptcy and shutting down its entire network of ATMs, citing state regulations and unsustainable business models as reasons. The Atlanta-based crypto company, listed on Nasdaq under the ticker BTM, has filed for Chapter 11 in the U.S.
May 18, 2026, 7:55 pmThe lawsuit alleges that the Bitcoin-centric financial services firm took advantage of insider information to escape major losses.
The litigation arm of the Prime Trust bankruptcy estate filed a 94-page adversary complaint against Swan Bitcoin on May 15, 2026, seeking to recover approximately $970 million in assets the company allegedly withdrew before Prime’s collapse.
Iran has launched Hormuz Safe, a new Bitcoin-backed insurance service for ships crossing the Strait of Hormuz, as Tehran turns one of the world’s busiest energy routes into a crypto-linked shipping product.
Bitcoin’s bearish momentum hit hardest on the technical charts, with the cryptocurrency breaking below all major exponential moving averages by early Monday. Trading around $76,750, it sat well beneath the 20-hour EMA at $77,580, the 50-hour at $78,120, the 100-hour at $78,767, and the 200-hour at $79,350.
Bitcoin dropped to the crucial $76,000 support level while large-cap altcoins sold off sharply.
Goldman Sachs exited its XRP and solana ETF positions during Q1 2026 while sharply reducing exposure to ether funds. The bank maintained sizable bitcoin ETF holdings and increased investments in several crypto-linked equities.
Hive Digital Technologies’ stock price popped after the Bitcoin miner unveiled a massive data-center buildout in Ontario, Canada.
Minnesota Gov. Tim Walz signed HF 3709 into law this past week, authorizing state-chartered banks and credit unions to hold bitcoin and other virtual currencies on behalf of customers. State-Chartered Banks in Minnesota Will Be Able to Custody Bitcoin Under New Law The legislation, now Chapter 93 of the 2026 Session Laws, takes effect Aug.
Bitcoin ETFs bore the brunt of a geopolitically driven sell-off, CoinShares said, though altcoin funds largely held their ground.